G24 calls for respect of open IMF search for next chief

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WASHINGTON , July 24 (AFP): The Group of 24 (G20) developing countries called yesterday for advanced nations to respect the International Monetary Fund's decision to seek its next managing director without bias in favour of a European candidate.
"As ministers representing developing countries, the G24 has consistently called for a change of past practice whereby Europe has been allowed to nominate the head of the IMF and the United States the head of the World Bank," the G24 said in a statement.
The IMF executive board launched on July 12 its search for a successor to managing director Rodrigo Rato, a Spaniard, who announced in late June he was resigning in late October, nearly two years before the end of his term.
The only candidate at this point is Dominique Strauss-Kahn, a former French finance minister and Socialist leader who has the backing of European Union finance ministers.
Developing countries for years have protested against the tradition and called for open competition for both posts.
The G24, which includes the powerhouse economies of China, India and Brazil, applauded the IMF's proposed approach for selecting the next managing director nominations will be accepted from any of the Fund's 185 members and the successful candidate will be chosen according to merit, without regard to nationality.
"We are of the view that these principles provide the basis for a transparent selection process, but non-European candidates will only be prepared to come forward if there is confidence that the spirit of the aforementioned executive board commitment will be respected by all members," the G24 said.
"A strong commitment to an open, transparent and multilateral selection process will greatly enhance the legitimacy and effectiveness of the next managing director and of the institution at a time when the IMF is confronted with fundamental challenges to its relevance and viability," the G24 said.
The IMF said it would accept applications for the post until August 31 and the executive board would consider the candidate, or candidates, in September.